JPMorgan/Dimon: Fed has lost some control of inflation

JPMorgan Chase CEO Jamie Dimon said he predicts interest rates in the U.S. could reach 6 percent. “I have great respect for Fed Chair Powell, but we’ve lost control a little bit on inflation,” Dimon told CNBC. “The Fed will probably hold off on raising interest rates a little bit above 5 percent, but it may need to go higher,” he said. “I suspect that interest rates may need to go higher than the levels we’re talking about a little bit above 5 percent. It could reach 6 percent.” Dimon said he sees it “likely” that interest rates will remain high for an extended period of time and that it will take some time to reach the 2 percent inflation target. The Fed’s policy rate is currently at 4.50-4.75 percent. The market is pricing in interest rates to go as high as 5.25-5.50.